Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

28) #InsideDigitalGrowth: Digital Growth Doesn’t Mean Doing More

ABOUT THIS EPISODE

What’s the one thing I can start doing to generate more loans and deposits?

It’s a good question. But here’s a better one to ask:  

What are all the things I can stop doing? 

Because, when it comes to digital growth, less is more. 

In this episode, I cover:

-Why you should replace your to-do list with a don’t-do list

-The 5 ways to identify activities to remove

-Why saying yes leads to being busy, not future success

You can find this interview, and many more, by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Diana Askd, what do you suggest is onething that we should start doing to generate even more digital loans anddeposits? Well, Diana that's a great question and one thatill look forwardto answering for you onto day's episode of banking on Digital Growth, you're listening to banking, on digitalgrowth, with James Robert Lay a podcast that empowers financial brand marketingsales and leadership teams to maximize their digital growth potential bygenerating ten times more loans and deposits. Today's episode is part ofthe inside digital growth series, where James Robert Cheers answers to some ofthe biggest digital marketing and sales questions he gets from the digitalgrowth community have a question you want to get answers to on a futureepisode visit, www dot, go ask jr dcom to submit your question today. Now:Let's go inside digital grossh greetings in hello, and thank you forTuning into the twenty eighth episode of the banking on digital growth.Bodcast, where I James Robert Lay your digital anthropologist, commit todistil down and simplify the biggest digital marketing and sell strategiesthat will empower your financial brand to generate ten times more loans anddeposits. Today's episode is part of the insidedigital growth series and ill. We answer a question from Diana who is aVP of marketing for a bank in the northwest once again, Diana ask: What do yousuggest is one thing that we should start doing to generate even moredigital loans and deposits. Thank you for the Great Question Diana and Ialways love questions like these. When I'm ask what I should start doing, Ieven like Towdiana frames this to geneate even more digital loans anddeposits, because it sounds like she she's already doinga good job and she wants to do even better going forard, but before Istarted on packing my thoughts for Diana I'd like the first and foremostthank you for listening to this podcast. It has been such an honor. It's been apleasure and a privilege to get to spend a few minutes with you each weekover the past three months and I'm grateful to see the podcast like mybook. Banking on digital growth continue to spread and grow around theworld, and so far the POTGASS has quickly already reached forty fourcountries as both the book and the podcast, or the only way that I know toget everything that I have observed. An observing and learning about digitalmarketing and sell strategies. Four financial brands through are ongoingstudies that have been conductod over the last twenty years out of my headand into the hearts and minds of financial brand marketing cells andleadership teams at scale. What that said, I'd enjoy hearing fromyou directly so please reach out, send me an email to jr w lay at digitalgrowth com say hello. Let me know where you're listening from from one of thoseforty four countries and then tell me what insights Youh've found to be mosthelpful or what questions that you'd like for me to answer on an upcomingepisode of inside digital growth. Now, let's get back to answeringDiana's question, because there are so many things that you like Diana coulddo to generate even more digital loans and deposits. You could develop a digital grossstrategy to provide you with an annual strategic blueprint, provide you withclarity and a roadmap o where you could go next based upon where you've beenand where you are, and your specific goals for growth.

You could optimize marketing automationcampaigns or adopt a marketing automation platform. To begin with, inthe first place, you could focus on conversion rate, optimization byrunning quarterly digital secret shopping studies on your most importantdigital asset. From a gross standpoint, your website to transform your websitefrom a glorified online brochure into a website that sells, you could runtargeted ad and email campaigns that would be powered by data and insights,getting people the right message at the right time, based upon where they'reatin their own digital consumer buying journeys or you could systematize andoperationalize your content, production and promotion efforts, so that you could be more efficientwith the content that you're already producing the list really could go on and on andon, but there is an even better path: Ford foryou there's an even better way to answer this question for both you andDiana. That's because digital growth does not come from doing more, adding more things to your plate, moreto dos more items on your check list, because when you add one more thing,one more item, one more to do, there's a good chance that you're adding tocomplexity, and when you add to complexity with that one more thing,you will increase confusion and that results in chaos and conflictinternally. This is why I recommend, starting with a different approach,thinking about a different approach for that matter. When I get asked thequestion, what is one thing that we should start doing at our financialbrand and here's why we must commit to simplify before we multiply or putanother way we must simplify before we maximize our digital growth. Potentialgrowth does not come through confusion. Growth is not born out of complexity.Growth does not come from taking on more growth, in fact, comes from letting goand really even dying to our past cells. Now that should not be a more morbidthought. I I introduced the the concept in one of my personal maxims, Momentumore on a previous podcast, the Momenta Mori. Being old, Latin for rememberyour death, this should not be a morbid thought, but a freeing one, because when we let go of what has got us towhere we are today, we create space and time to take on new things that willkeep us moving forwad to where we need to go tomorrow. What di you think about a tree for amoment for a tree to grow year after year season after season a tree must let goof and lose its leaves, its leaves being its primary source of food inregards to sunlight and how that process works and leaves also being protection, andone could argue that when a tree loses its leaves, it appears to be naked. Itappears to be vulnerable, but through this act of loss of deathof vulnerability, the tree creates room for new and even stronger growth in thespring. Furthermore, a tree grows from two primary elements: Sunlight and water,...

...but taking on too much sunlight takingon too much water can harm and even kill the tree. This is exactly what Isee happen: it banks and creditings. When it comes to digital growth, itdoesn't matter if you R on the marketing team or the cells team or theleadership team, we often have a habit of taking on more and more task moreprojects more activities, but we do so without letting go of ones that nolonger create value. Here's the good news, this pattern, this habit oftaking on more without letting go, does not have to continue to be thisway for you and your team. That's because one of the mosttransformational recommendations I can make for you to consider implementingacross your entire financial brand when it comes to planning for digital growthwhen it comes to even digital transformation it' to not just make itto do list. No those to dolists are super easy to do, because there willalways be something that needs to be done. Instead, I want you to commit tosomething else. I want you to commit to making a not to do or a don't do list. I want you to start keeping a list ofthings of activities of task of projects that you can give up, that you can stopdoing because over time, this list of items is don't doinventory. You have two choices, number one you can give up, delegate oreven elevate these task projects, activities to others, and I like to usethe word elevation here, because elevation is about moving something to a new leveldelegation a lot of times when we think about delegating activity, our taskprojects, we think about pushing things down onothers, but elevation has a different context,a different perspective, a different reality because we're elevating a project, attask and activity tosomeone who could do that project task activity even better than we ever could. The second option we have is to stopdoing these project task activities altogether, because they no longersimply create value for your financial brand. So I want you to keep this.Don't do inventory on your desk and ask your team members to do the same. What should you put on this list? Whatshould you put on this? Don't do inventory t five thoughts. Five questions to to point you in the rightdirection: Number one: What are the things that you want to say no to, but somehow can't an really divingdeeper into that idea. Why do you feel that you are not empowered to say no to thesethings? What would happen if you said no technology has transformed our world,and digital has changed the way consumers shot for and buy financialservices forever. Now consumers make purchase decisions long before theywalk into a branch if they walk into a branch at all, but your financial brandstill wants to grow loans and deposits. We get it. Digital growth can feelconfusing, frustrating and overwhelming for any financial brand marketing ansales leader, but it doesn't have to because James Robert wrote the bookthat guides you every step of the way along your digital growth journey,visitwww, dot, digital growth, docom to get a preview of his best selling bookbanking on digital growth, or order a...

...copy right now for you, and your teamfrom Amazon inside you'll find a strategic marketing manifesto that waswritten to transform financial brands and it is packed full of practical andprovent insights. You can start using today to confidently generate ten timesmore loans and deposits. Now back to the show number two: What are the biggest distractions thatpull you off focus and keep you from doing deep, important, meaningful workthat needs to get done that will create exponential value. Maybe it's having email and socialmedia on your phone, maybe it's being accessible at all times. Maybe it's thepointless meetings that we attend for meetings, sake that we've all been in num three, what the task that end upfinding their way to you, but these task, these activities wouldbe better off either delegating or deleting altogether because theyemotionally drain you number four. What task are you workingon right now that have a low impact on the value creation you're contributingto your financial brand, but these low impact task activities suck your time. They stuck your energy,for example. This might be the small project or the small fires that youhave to keep putting out and they continue to get in a way of youfocusing on the bigger initiatives that will create far more value for yourteam for your organization in the number five. What are you working on now? That you know is not really treatingany value, but you continue to do it because that's the way, it's alwaysbeen done, and this really takes us all the wayback. The point number one: What are the things that you want tosay no to, but somehow can't and diving deeper into that thought? Why do you feel that way or why do younot feel empowered to say no to those things as you keep this? Don't do inventoryonce a month or once a quarter? I Wan want you to take this. Don't doinventory this don't do list when you review your progress of what you'veaccomplished along your digital goth journey andcelebrate your winds together with your team, and when you review this, don't do listthis don't do inventory. I want you to tag each item in one of three differentways: Tag each item as Number One, adistraction, meaning these are the things that pull you away from doingdeep work or these or the activities that prevent you from creating value foryour financial brand NBERTWO. I want you to tag items to delegate. These are the items that you can onceagain elevate to someone else who would create far more value than you couldever do, because they are working in what we call their growth ability andgrowth ability is an idea that I've been thinking more and more about whenit comes to maximizing your digital growth, potential growth ability or thefew activities that you can commit to...

...do that create the greatest value foryourself or your team for your organization and finally, number three. I want you to tag items that you candelete. These are the items or actions that youcan just simply stop doing altogether. Distraction delegation, delesion and here's the cavyout to thissimple exercise. It is much harder in fact, to implementand stop doing activities, activities that have been historicallyrooted in the past because oftentimes we have wrapped ouridentity around those activities, but remember what gotes to where we aretoday will not get us to where we need to gotomorrow. Furthermore, some find it hard to sayno and hey end up doing things. They arenot fully committed to saying yes to something feels good in in the moment.You know someone comes up and says: Hey. Can you do this for me? Can you help mewith this, and so we say yes 'cause. It feels good, especially Fo'r, the typeof people that want to help someone else and there's a lot of those peoplein the banking space in financial services, because that's what we do. We help people with their financialsituations, but here's a thing saying: Yes, Carey's a cost, and whathappens here when we end up saying yes more than we end up saying no is webecome very, very busy, but being busy does not predict ourfuture success, in fact, being busy is a detriment to future success because you're being busy oftentimesdoing the wrong things wasting time effort energy. Think about saying, no and saying Yesto activities to task the projects, to ask like money when you say yes to something: You'respending money in the form of time, effort and energy. T like yourteaing off time, effort energy and when you say yes more than no, it is easy tooverdraft your personal tea account and begin to feel confused frustrated andoverwhelmed with whatever it is that you're working on when you say no, thisis the secret when you say no to things to task to activities. It's like your saving money, because you are saving time. You aresaving your effort. You are saving your energy to commit and invest it into working onsomething even bigger and better. That will create far more expenential valuethan the fires that you become accustomed and use to putting outdistractions that you've grown habitually used to dealing with. Yes, it is easy to say yes, I get that and I do understand it ishard to say no butbefore, you say yes, a taking on something new. Have the hard and honest conversationswith yourself with your team is whatever it is, that you're beingasked to do really necessary a and it might be, and if it is, and you do takeon something new, a new project, a new...

...task, a new activity, then you have to ask yourself: What can you say no to what can youdelegate? What can you delete altogether because we have to create that spaceand time we have to let go of the past to create that space and time to create the future as we rap up today's conversation, LI'd like to come back to Diana's question as she had asked. What do yousuggest is one thing we should start doing to generate even more digitalloans and deposits will Diana, as I started my thinking tobegin this potcast. There are, in fact, dozens, if not even hundreds of thingsthat I could suggest, but, as I have shared through mythinking today, I'd like for you to consider what are the things that you can stop doing so thatwhenever I do provide those recommendations framed around yourunique situation, for what you can do to maximize yourdisal growth potential, what you can start doing, you'll already have the space the time,the effort, the energy to do those things with courage and confidence inclosing. We must all be aware of the digital distractions that take atoll on us that suck our time that pull us away from doing the deepwork that we need to do to create the value that we know we must create forour financial brands and, more importantly, the people in thecommunities that we serve going forward in this digital world.There will be exponential, quote, unquote, opportunities available for usto focus on, but here's the thing being busy is notabout being good at everything. Growth comes from being great at just a fewthings that create the greatest value for financial brands and for the peopleand the communities that we serve being busy is not about working harder. It'snot about taking on more it's about working, smarter and elevating taskactivities, projects to others and those others do include automation inAE, because those others, those others, whether it be anotherperson, another team, another organization, through collaboration orthrough automation or AI. Those others will do many activities that we cling to thatwe hold on to because that's the way it's always been done. Those otherswill do them even better than we could have ever done them ourselves. Being busy is often tied toperfectionism, which is oftentimes only a matter to our own perspective of reality, m ofwha we're working on, and how good do we think that is while productive, an expodential growthis not rooted in ourselves, but it's rooted deeply an a purpose greater than ourselves. I want to leave you with a thought on these ideas from Steve Jobs when heonce said, Qu people think focus means siing. Yes tothe thing you've got to focus on, but that's not what it means at all. It means saying no to the hundred othergood ideas that are there.

You have to pick carefully Steve Jobs continues, I'm actually asproud of the things we haven't done as the things we have done and to wrap up stepe jobs thats. Heends with this, and this is important because we hear this word thrown aroundso much these days when it comes to digital growth when it comes totransformation- and that word is innovation and Steve jobbs says this: inevation is saying no to a thousand things. So what will you commit to stop doing? What leaves will you commit to shedthis fall? What will you commit to say no to goingFord? As always, if you have a question likeDiana, I want to hear from you, because I wantto help you just go to www dot, go, ask a JR COM,submit your question and I'll answer it for you on a future pot. GUAST episodeand remember the only bad question is the question that goes unasked untilnext time be well. Do Good and wash your hands! Thank you for listening to anotherepisode of banking on digital growth with James Robert Lay like what youhear tell a friend about the podcast and leave us a review on apple codcast,Google, podcast or spotify, and subscribe, while you're there to geteven more practical, improven insights, vis. It www don digital growth, dcom tograb a preview of James Robert's, best selling book banking on digital growth,or order a copy right now for you and your team from Amazon inside you'llfind a strategic marketing and sales blueprint framed around twelve keyareas of focus that empower you to confidently generate ten times moreloans and deposits. Until next time be well and do good.

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